Prime Minister Narendra Modi today addressed the whole nation announcing a ban on Rs.500 & Rs.1000 notes, starting midnight today. The notes will no longer be valid from tomorrow. PM Modi declared the ban to fight against corruption.
PM Narendra Modi also announced new Rs.500 and Rs.2000 notes.
“Banks will be closed tomorrow. It will cause some difficulties to you but let’s ignore these difficulties together. In country’s history, there comes a moment when people will be eager to participate in the nation building and reconstruction. A few moments like this comes in life,” said Narendra Modi.
Here’s what you need to know and what you need to do:
- Rs.500 & Rs.1000 will no longer be valid effective midnight. The government is providing much time to exchange all your notes from November 10 till December 30. You can visit Banks and Post Offices to make exchange or to deposit the money into the account for later withdrawal.
- To make the necessary changes, Banks and ATMs will remain closed tomorrow and in some places, on November 10 also.
- Deposit all notes of Rs.500 and Rs.1000 in bank and post office accounts from November 10 till December 31 without any limit.
- There will be a limit on withdrawals. You can withdraw only Rs.10,000 per day and Rs.20,000 per week. The limit to withdraw money will be reviewed after November 24.
- You must carry your Aadhaar card or PAN card to exchange the notes. The limit to exchange for cash will be Rs.4,000 up to November 24.
- There will not be any restriction on any kind of non-cash payments by DD (demand drafts), cheques, debit card or credit cards. You can also make online payments without any worries.
- You will be able to withdraw money from ATMs November 10 onward. You can only withdraw Rs.2000 per day with your debit/credit card for few days. The limit will be raised to Rs.4,000 later from November 19.
- Tourists can change their notes at Airports.
- Till November 11, government hospitals will accept the Rs.500, and Rs.1,000 notes. You will also be able purchase railway, bus, air tickets or fill your vehicle’s petrol/diesel tank till November 11.
- If a person is unble to exchange or depoit the existing notes till Decmeber 30 can do so by visiting at specified offices of Reserve Bank of India.